Preamble
WHEREAS, there is a need to discourage mining lessees from sitting on their claims to the prejudice of the Government and other qualified parties desirous to undertake the exploitation of the country's mineral resources; WHEREAS, foreign investments are needed to explore, develop and exploit said mineral resources; WHEREAS, the Constitution recognizes the validity of service contracts with foreign companies as a means to accelerate the development of our mineral resources; WHEREAS, there is a need to clarify the rights and obligations of parties to mining service contracts; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree that: